Investors' Soapbox PM

Barnes & Noble College May See Major Change

A potential spin-out of the unit would bring Microsoft's investment into focus.

June 12, 2014

Maxim Group

We are looking for a timeline for Barnes & Noble to spin out its College business, at which point we should review our current College valuation of $427 million, 4.0 times fiscal 2014 earnings before interest, taxes, depreciation and amortization.

A 6.0 times earnings before interest, taxes, depreciation and amortization (Ebitda) multiple implies a valuation of $640 million, as education analysts should be...